The world officially has its first trillionaire in Elon Musk, after SpaceX started trading on the Nasdaq Friday.

Musk is worth approximately $1.1 trillion, Forbes estimated at Friday’s close, up from $982 billion on Thursday. He owns 4.8 billion shares of the rocketmaker, worth $767 billion, and his stakes in SpaceX and Tesla could get a boost if he achieves lofty goals.

The race to $1 trillion once seemed unfathomable, but Musk has climbed the ranks of the world’s wealthiest at a rapid pace. He achieved trillionaire status about 14 years after becoming a billionaire.

This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here.

The U.S. and Iran reached a peace agreement, with President Donald Trump announcing an end to the U.S. blockade of the Strait of Hormuz, but the lack of details drew criticism.

SpaceX shares ended their first day on public markets with a 19% gain, bringing the rocket company’s market cap to $2.1 trillion.

Disgraced FTX founder Sam Bankman-Fried lost his appeal to overturn his fraud conviction, after he recently applied for a pardon from President Donald Trump.

Why Consumers Are Still Gloomy

Consumer sentiment improved this month, but with inflation running at its hottest level in three years, it’s still in a historically low rut.

Easing gas prices have tempered consumers’ persistent gloom, according to preliminary data from the University of Michigan’s widely-tracked survey.

Still, sentiment is 19% lower than where it was last year, and hasn’t fully recovered from the dive it took in 2021 as Covid-19 sent prices soaring. In fact, consumers are more pessimistic now than they were during the 2008 financial crisis.

Part of it is the cumulative impact of inflation on people’s wallets: Prices have........

© Forbes